The Nifty has traded lower and has closed in the red after the short covering on the last session - Enrich Financial
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NIFTY MORNING OUTLOOK
Pre-Market Monday! Asian market positive trading, Nifty50 on the SGX were trading higher at 17031.50 +28.55 points on indicating gap up opening for the NSE.
At the close in NSE, the Nifty 50 fell 0.40%, while the BSE Sensex 30 index lost 0.33%.
The biggest gainers of the session on the Nifty 50 were HCL Technologies Ltd, which rose 3.08% or 37.75 points to trade at 1265.20 at the close. Tech Mahindra Ltd added 2.38% or 40.00 points to end at 1723.80 and SBI Life Insurance Company Ltd was up 2.00% or 22.55 points to 1148.00 in late trade.
Biggest losers included Grasim Industries Ltd, which lost 2.93% or 48.70 points to trade at 1610.90 in late trade. NTPC Ltd declined 2.65% or 3.30 points to end at 121.25 and Eicher Motors Ltd. shed 1.81% or 44.90 points to 2435.35.
The breadth, indicating the overall health of the market, 1697 fell and 1526 advanced, while 100 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was down 0.05% to 74.982.
Technical outlook
Nifty daily chart has formed "Ascending broadening wedge" pattern. The Nifty has traded lower and has closed in the red after the short covering on the last session. We expect to see a small gap up today. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current support level near 16950. The downside rally could be testing all the way up to 16750- 16500 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again as long as the stiff resistance holds near 17200. A slide to 17400- 17600 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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